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Borsa Italiana, the Milan stock market operator which today claimed its technology made it "one of the best exchanges in the world" suffered an embarrassing hiccup after a glitch in its trading system forced it to delay opening by two hours.

The problem coincided with a statement released by the exchange in which it said: “the organisational, regulatory and technology structure of the Italian market once again in 2006 proves itself to be one of the best in the world".

Borsa Italiana, which last year was linked with Euronext and Deutsche Börse, said at 08:00 GMT that the beginning of trading on its electronic order book would be "delayed due to a technical problem".

The exchange confirmed at 09:20 GMT it would open for business at 09:45 GMT.

According to its statement, Borsa Italiana's performance in 2006 established it as the fourth market in Europe, behind the London Stock Exchange, Euronext and Deutsche Börse. The value of equities traded on the exchange reached €1.23 trillion ($1.63 trillion), up 21% on 2005.

He added “A study by the European Commission regarding trading, clearing and settlement costs in European cash equity markets demonstrates that, compared with other European stock markets the Borsa Italiana is the most efficient operator, with the lowest trading and post trading fees in relation to the contract value and by user category.”

Borsa Italiana was last year in talks with the German stock exchange operator about a joint-bid to merge with Euronext, forming a European exchange alliance. Euronext rejected the plan, instead opting for a tie-up with the New York Stock Exchange, which was emphatically approved by Euronext and NYSE shareholders two weeks ago.

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Capuano said: “In 2006, Borsa Italiana was involved in intense international activities aimed at defining the new structure of the exchange industry, with specific attention to its European version. Borsa Italiana will continue to oversee all its options."